BACK ON THE MARKET! NO FAULT TO SELLER & HOME INSPECTION REPORT AVAILABLE!!! Prime Corona Opportunity | No HOA | Main House includes 3 Bedrooms, 2 Full Bathrooms|Attach CASITA with 1 Bedroom, 1 Bathroom, Full Kitchen, Separate Living Room, Separate Entrance, + Extra Vacant Land Included! Welcome to 515 Newhall Drive, a truly unique and versatile property offering endless possibilities for homeowners, investors, and multi-generational livingall in a prime Corona location near the 91 & 15 freeways with no HOA. The main residence features 3 bedrooms and 2 bathrooms, thoughtfully designed with an open floor plan that flows seamlessly from the formal living room, complete with a cozy fireplace to the kitchen. Just beyond the dinning room and kitchen, enter into the spacious family room/game room which provides the ideal setting for gatherings and entertainment, featuring a wet bar and plenty of room to host. Attached to the home is a fully equipped apartment style living area/casita, offering incredible flexibility and income potential. It can be accessed internally via a unique spiral staircase or through its own private exterior entrance from the backyard. This space offers approximately 700 sq ft of living area and includes LVP flooring, a private living room, full kitchen, separate bedroom with a walk-in closet, and a large bathroomideal for extended family, guests, or rental income. The property sits on an 8,276 sq ft lot, featuring lush greenery landscaping, plantation shutters, a covered patio, and a tranquil backyard pond creating a peaceful retreat. The front driveway offers potential RV or boat parking. Adding significant value, the sale includes an additional vacant parcel with its own APN, offering 3,454 sq ft of additional lot space. When combined, the total lot size is approximately 11,760 sq ft. The vacant land is directly accessible from the backyard with no private road, presenting a rare opportunity for future expansion, development, or long-term investment. Highlights: 3 Bed / 2 Bath main home Approx. 700 sq ft attached apartment-style area/casita with full kitchen & private access Open floor plan + fireplace + wet bar RV/boat parking potential Additional 3,454 sq ft vacant land included (separate APN) Total combined lot approx. 11,760 sq ft Prime commuter-friendly location near the 91 & 15 freeways This is truly a must-see home to fully understand all the endless possibilities it offers.
Roam is your trusted partner for affordable home ownership. We help manage the assumption process from start to finish, enabling homebuyers to easily purchase their next home with a low-interest rate mortgage attached.
To qualify, you must meet the current FHA, VA, or USDA loan requirements depending on the type of loan you are assuming. This typically means a minimum credit score of 580, although most lenders prefer 620-640. Your debt-to-income ratio should be under the 50% max under FHA guidelines. Additional information such as employment history, explanations of income for each applicant, and asset verification for a down payment may be needed to process the loan.
An assumable mortgage is a type of home loan that allows a homebuyer to take over the existing mortgage terms from the seller, with no cost to the seller. Many government-backed loans, such as FHA and VA loans, are eligible for assumption, and millions of these mortgages are available.
When interest rates on mortgages are high, assuming a mortgage with a rate as low as 2% allows buyers to save up to thousands monthly compared to buying a home with a traditional mortgage at today’s average rates of 7%. A low-rate assumable mortgage could be the key to finding your dream home at an affordable price.
Roam has compiled available listings with low-rate assumable mortgages for you to browse. To get started, enter the city, state, zip code, or school district you’re interested in purchasing in. Utilize the search filters to narrow down your search. Click “Save search” to save your search preferences and activate listing notifications—we’ll email you as soon as new listings match your criteria.
Once you’ve found your dream home and ready to make an offer, schedule a call with a Roam Advisor directly from the listing. Your Roam Advisor will guide you through each step of the process, while also working directly with your agent, the servicer, and the seller to ensure you close on time.
When assuming the existing mortgage as part of a home purchase, the buyer has to cover the seller’s equity in the home. The seller’s equity is the purchase price minus the remaining mortgage balance. This amount must be covered in full through an all-cash down payment or by taking out a second mortgage.
Yes. Non-veterans can assume a VA loan, provided they meet the lender’s VA criteria. When a qualified buyer assumes a VA mortgage from a veteran or active-duty service member, the seller’s VA loan entitlement remains tied to the assumed loan until the buyer pays off or refinances the loan. This process restores the veteran seller’s entitlement, enabling them to use their VA benefit for a future home purchase.
Yes. All FHA loans are assumable by law as long as the buyer meets the FHA’s credit, income, and qualification requirements and obtain lender approval before assuming the loan (per FHA regulations effected December 15, 1989). Roam makes this process simple for buyers.
Generally, conventional loans are not assumable. In rare cases, a conventional loan may be assumable with lender approval. Use our search tool to find homes with assumable low-rate loans, or reach out to us if you’d like to confirm a specific home’s assumability.
